CFPB Issues Bulletin on COVID-19-Related Consumer Complaints

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The CFPB recently issued a Consumer Complaint Bulletin analyzing consumer complaints regarding three categories of COVID-19 relief: 1) the suspension of federal student loan payments; 2) the issuance of Economic Impact Payments (EIPs); and 3) eviction moratoriums.

Among other information, the bulletin notes the following:

  • Although consumer complaints regarding evictions and eviction-related debt collection have increased recently, few of these complaints are about current eviction proceedings, but are instead often related to concerns about collections for prior evictions, including daily late fees, or concerns about negative credit reporting upon the expiration of eviction moratoriums;  
  • While complaints about federal student loans have decreased significantly overall since loan payments were suspended in March 2020, consumers have reported various issues with the implementation of relief measures, such as difficulty communicating with their student loan servicer to confirm their eligibility for relief, as well as concerns about their ability to make payments upon the expiration of the temporary repayment suspension; and 
  • Some consumers have reported difficulty accessing their EIPs on a pre-paid debit card or with an account that had been closed after the EIP was deposited, while some others have reported being charged overdraft fees when funds advanced by their financial institutions to access their EIPs were later reversed.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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